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    Alexander Dwyer • KeyBanc Capital Markets

    Alexander Dwyer's questions to Parsons Corp (PSN) leadership

    Alexander Dwyer's questions to Parsons Corp (PSN) leadership • Q1 2025

    Question

    Alexander Dwyer requested an update on the size of the sales pipeline, the sustainability of the high 68% win rate, and the company's recompete exposure for 2026, particularly concerning the confidential contract.

    Answer

    CEO Carey Smith reported that the pipeline has grown to $55 billion, with 19 opportunities worth over $500 million each. She expressed confidence in sustaining strong win rates by continuing their current playbook. For 2026, she confirmed the confidential contract is the only major recompete, estimating total exposure for that year at approximately 10%. CFO Matt Ofilos added that the current option year for that contract runs through February 2026.

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    Alexander Dwyer's questions to Parsons Corp (PSN) leadership • Q3 2024

    Question

    Alexander Dwyer asked about the pipeline for more large North American transportation projects, following several major wins, and the company's capacity to take on additional work. He also inquired about general hiring needs and challenges across the business for the next year.

    Answer

    CEO Carey Smith highlighted that with only 40% of IIJA funds announced, a significant runway remains, with $720 billion yet to be allocated. CFO Matt Ofilos added that the infrastructure pipeline has grown from $17B to $21B in 18 months. Smith stated the company has capacity, citing record-low attrition in the North America CI business. She noted hiring is easiest in CI and non-cleared federal roles, with cleared positions remaining the most challenging, though retention is better than industry benchmarks.

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    Alexander Dwyer's questions to Primoris Services Corp (PRIM) leadership

    Alexander Dwyer's questions to Primoris Services Corp (PRIM) leadership • Q1 2025

    Question

    Alexander Dwyer from KeyBanc Capital Markets asked about the drivers for the Energy segment's margin outlook, the timing of solar project closeouts, and the company's current M&A discussions and strategy.

    Answer

    CFO Ken Dodgen identified project closeouts in solar and industrial as the primary margin upside, with weather being the main risk. Chairman and Interim CEO David King added that their M&A appetite remains strong and they are well-positioned to act, though Ken Dodgen emphasized they will remain disciplined and have not yet found the right deal.

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    Alexander Dwyer's questions to EMCOR Group Inc (EME) leadership

    Alexander Dwyer's questions to EMCOR Group Inc (EME) leadership • Q1 2025

    Question

    Alexander Dwyer from KeyBanc Capital Markets asked for a breakdown of the network and communications business, specifically how much is data centers and if the bid mix between mechanical and electrical work is shifting. He also asked for an explanation of the disconnect between the strong 28% RPO growth and the more modest revenue growth guidance, questioning if the RPO burn cadence is changing.

    Answer

    CEO Tony Guzzi estimated that over 85% of the network and communications business is data centers and confirmed the bid pipeline is inflecting up, with mechanical scope growing due to increased cooling needs. CFO Jason Nalbandian explained the RPO growth includes the Miller acquisition (17% organic) and that the backlog's duration has lengthened slightly, with 20% now burning beyond 12 months versus 15% historically. Guzzi added that consolidated revenue growth is tempered by slower-growing segments outside of construction.

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    Alexander Dwyer's questions to EMCOR Group Inc (EME) leadership • Q4 2024

    Question

    Alexander Dwyer of KeyBanc Capital Markets inquired about geographic shifts in data center projects towards more remote areas and the outlook for the Industrial Services segment, including the potential impact of a favorable oil and gas policy environment.

    Answer

    Tony Guzzi, Chairman, President and CEO, confirmed the geographic shift in data centers, driven by a 'quest for power.' He explained EMCOR has expanded its presence from 3 to about 15 markets since 2019 through acquisitions, organic growth, and cross-training teams with transferable skills from other complex sectors. For Industrial Services, Guzzi expects a traditional turnaround market in 2025, with any significant benefit from a policy shift likely materializing in 2026 and beyond. CFO Jason Nalbandian added that the 2025 guidance does not assume extreme growth for the segment.

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    Alexander Dwyer's questions to EMCOR Group Inc (EME) leadership • Q3 2024

    Question

    Alexander Dwyer of KeyBanc Capital Markets Inc. questioned the potential business impact of a change in political administration, the outlook for high-tech manufacturing RPOs, and the reasons behind the exceptionally strong operating cash flow.

    Answer

    CEO Tony Guzzi provided a detailed view that major growth drivers like data centers and semiconductor reshoring are driven by geopolitical forces that transcend politics. He expressed confidence in securing follow-on awards for high-tech manufacturing projects. Regarding cash flow, both Guzzi and CFO Jason Nalbandian explained that while current performance is strong due to favorable contract terms, they expect it to normalize toward 100% of net income over the long term.

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    Alexander Dwyer's questions to Comfort Systems USA Inc (FIX) leadership

    Alexander Dwyer's questions to Comfort Systems USA Inc (FIX) leadership • Q1 2025

    Question

    Alexander Dwyer of KeyBanc Capital Markets Inc. questioned the decision to maintain revenue and margin guidance despite a strong Q1, which implies a future deceleration. He also asked how contracts are structured to mitigate risks from cost inflation and supply chain challenges, referencing lessons learned from the COVID-19 pandemic.

    Answer

    CFO William George explained that the guidance for high single-digit revenue growth was maintained due to increasingly tough year-over-year comparables in the second half of the year. Both he and CEO Brian Lane expressed high confidence in sustaining strong margin levels, attributing this to good pricing and superior field execution. COO Trent McKenna added that their teams are highly experienced in managing supply chain and pricing risks, and the company's scale provides a competitive advantage. CEO Brian Lane concluded that their experience during the COVID era prepared them to manage such challenges effectively.

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    Alexander Dwyer's questions to Comfort Systems USA Inc (FIX) leadership • Q4 2024

    Question

    Alexander Dwyer of KeyBanc Capital Markets probed the potential risks and upside to the 2025 margin guidance, the likely quarterly cadence of backlog throughout the year, and any shifts in the business mix within the manufacturing revenue segment.

    Answer

    CFO William George expressed confidence in maintaining the high margins achieved in 2024 but was hesitant to predict further expansion given the already record levels. He anticipates the typical seasonal backlog pattern will continue, with stronger net bookings in Q1 and Q4. CEO Brian Lane noted the manufacturing mix is consistent with the prior year, including pharma, healthcare, and consumer products. George added that onshoring is just beginning and new demand sources are additive, not displacing existing ones.

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    Alexander Dwyer's questions to Comfort Systems USA Inc (FIX) leadership • Q3 2024

    Question

    Alexander Dwyer inquired about the specific efficiency initiatives in the modular business and asked for insights on how the increasing implementation of liquid cooling in new AI data centers impacts the company's work.

    Answer

    CFO William George explained that modular efficiency initiatives, including robotics and workflow redesigns, are being implemented at both the Texas and North Carolina facilities. Regarding data centers, he noted that the new designs have incredible density, requiring more complex piping and electrical work. He emphasized that liquid cooling is the company's core expertise and that virtually all new AI data centers are liquid-cooled, representing a significant and growing trend for the business.

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